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ACCQuickBooks AssignmentQB

Be sure to complete the steps required in the ACC QuickBooks Student Registration Instructions document.

PURPOSE:

The purpose of this assignment is to have students become familiar with an accounting software package that accommodates job costing. Students will set up projects, enter job costs, and produce project related output reports in QuickBooks.

STEP ONE:

Set up jobs projects

In QuickBooks, jobs are called projects Set up two projects in QuickBooks, Project and Project Go to QuickBooks and login to your company. Go to the Projects menu on the left hand side of the screen. Click Start a Project.

Enter the Project Name Under the customer field, choose Add New and enter the customer name Thunder Lope. Click Save The screen will now show the details of this project. To get back to the list of your projects, click the All Projects arrow at the upper lefthand side of the screen. There will now be a green New Project button on the righthand side of the screen. Click New Project, enter the project name and choose the customer Thunder Lope.ClickSave

STEP TWO:

Enter necessary accounts.

Choose the Accounting menu from the lefthand side of the screen and select Chart of Accounts.ClickNewgreen button on the upper right side of the screen

Enter theAccount Type as Other Expense, the Detail TypeasOther Miscellaneous Expense, and the Name of Manufacturing Overhead Applied.ClickSave and Close.

STEP THREE:

Calculate and enter job project costs.

Your company assembles residential houses. It uses a jobcosting system with two directcost categories direct materials and direct labor and one indirectcost pool assembly support Direct laborhours is the allocation base for assembly support costs. In December your company budgets assemblysupport costs to be $and direct laborhours to be

The following information pertains to two of your companys jobs that were started and completed in for customer Thunder Lope.

Project Project

Direct Materials costs $ $

Direct Labor Costs $ $

Direct Labor Hours hours hours

Sales Price $ $

Assume the following:

The company uses normal costing,

Direct materials and direct labor are paid for on a contract basis.

All expenses, including overhead, can be entered via summary journal entries dated at the end of the year.

All jobrelated costs can be entered directly into the cost of goods sold account since the jobs are completed and sold.

Go to QuickBooks and login to your company. Click the New button at the upper lefthand corner of the screen. Under the Other column, choose Journal Entry. Using the information above, enter the revenues, direct materials, direct labor, and overhead costs via summary journal entry in QuickBooks. Be sure to date your entry and to identify the project that the sales and cost of goods sold are related to Do not enter a project name for the cash received from sales, cash paid for direct materials and direct labor, or for the Manufacturing Overhead Applied.

For each project, you will need to enter the following:

Cash project sales price

Sales Revenue at sales price, identify project #

Cost of Goods Sold total project cost, identify project #

Cash cost of DM & DL for project

Manufacturing Overhead Applied calculate based on info above

STEP FOUR:

Prepare a Project Profitability Report for each job.

Choose the Projects menu from the left hand side of the screen. Click on project Select the Project Reports tab, and choose the View button on the Project Profitability line.

Save your Project Profitability Report for job to a pdf file named LastnameFirstinitial.ACCQB

Repeat this process for job Save your Project Profitability Report for job to a pdf file named LastnameFirstinitial.ACCQB

Submit both files in your digital classroom.

Congratulations! You have completed your assignment.

Data included herein is adapted from problem of your textbook.